American Tower (NYSE:AMT) Updates FY 2024 Earnings Guidance

American Tower (NYSE:AMT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 10.300-10.530 for the period, compared to the consensus earnings per share estimate of 10.380. The company issued revenue guidance of -. American Tower also updated its FY24 guidance to $10.30-10.53 EPS.

American Tower Trading Up 2.0 %

NYSE AMT opened at $175.06 on Tuesday. The stock has a 50-day moving average of $190.05 and a 200-day moving average of $194.49. The firm has a market cap of $81.64 billion, a PE ratio of 55.05, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower has a 1-year low of $154.58 and a 1-year high of $219.10.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. American Tower’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that American Tower will post 9.94 EPS for the current year.

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a $1.62 dividend. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.70%. American Tower’s payout ratio is currently 203.77%.

Wall Street Analyst Weigh In

A number of analysts have commented on AMT shares. BMO Capital Markets reduced their target price on American Tower from $235.00 to $228.00 and set an outperform rating for the company in a report on Wednesday, February 28th. Barclays increased their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an overweight rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. lowered their price target on American Tower from $236.00 to $230.00 and set an overweight rating on the stock in a report on Wednesday, February 28th. Mizuho assumed coverage on American Tower in a report on Monday, April 8th. They issued a neutral rating and a $205.00 price objective for the company. Finally, Morgan Stanley increased their price objective on shares of American Tower from $183.00 to $196.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $217.36.

Insider Activity at American Tower

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.